Land Bank Interest Rates for Savings and Checking Account

by Gil

in Land Bank

Land Bank of the Philippines, also known for its initials LBP, is a government-owned bank operating in the Philippines. It is 100% owned by the Philippine government. LBP was established as part of Republic Act No. 3844 or the Agricultural Land Reform Code in 1963.

For long term of viability and to make stronger the operations, it was divided into three types of operations named Agrarian, Banking and Operations sectors. LBP has the power to lend in agricultural, industrial, home-financing and home-building as well as in farmers’ cooperatives and association. And it is categorized as “specialized government bank.”

LBP also competes to other large and major banks in the Philippines like PNB or the Philippine National Bank, Bank of the Philippine Islands and Banco De Oro. Actually it is one of banks in the Philippines ranks in top five for its assets, deposit, capital and loan.  For its banking, it also offers products and services such as credit cards, savings and checking accounts, remittances, loans, cash cards, ATM and many more for their clients. Nothing like in top banks in the Philippines, LBP has wide-ranging rural branch network.

Interest Rates for Land Bank

The below information preview the interest rate of passbook savings account  and checking account of Land Bank for both individual and institutional category. Like any other banks, it usually required  P10, 000 for initial deposit, ADB and for daily balance to earn interest with a rate of 0.5%. You can see below the specific details of LBP savings and checking account.

Regular Savings Account

Individual

Institutional

Initial Deposit Requirement

P 10,000

P 10,000

Required ADB

P 10,000

P 10,000

Required Daily Balance to Earn Interest

P 10,000

P 10,000

Interest Rate

.5% p.a.

.5% p.a.

Documentation

Passbook

Passbook

Regular Current Account

Individual

Institutional

Initial Deposit Requirement

P 5,000

P 10,000

Required ADB

P 5,000

P 10,000

Documentation

Checkbook

Checkbook

 Savings Account with ATM Access

Initial Deposit Requirement

P 500

Required ADB

P 500

Required Daily Balance to Earn Interest

P 500

Interest Rate

0.5% p.a.

Maximum withdrawable amount/day

P 50,000

Documentation

ATM Card

Current Account with ATM Access

Initial Deposit Requirement

P 5000

Required Daily Balance to Earn Interest

P 5000

Checking Account with ATM Access

P 5000

Documentation Checkbook plus ATM Card

 Regular Peso E.A.S.Y. (Earning Access & Sure Yield) Check

Individual

Institutional

Initial Deposit Requirement

P 10,000

P 20,000

Required ADB

P 10,000

P 20,000

Required ADB to earn interest

P 10,000

P 20,000

Interest Rate

.5% p.a.

.5% p.a.

Documentation

Checkbook

Checkbook

Maximum Number of check issuances

No limit

No limit

Peso E.A.S.Y. (Earning Access & Sure Yield) Check with ATM Access

Initial Deposit Requirement

P 10,000

Required ADB

10,000

Required ADB to earn interest

P 10,000


Interest Rate

.5% p.a.

Documentation

Checkbook plus ATM

Maximum Number of check issuances

No limit

Regular Peso Time Deposit

Minimum Deposit Requirement P 1,000
Interest Rate Based on weekly posted rates; varies depending on term and amount
Documentation CTD

Easy Savings Plus (ESP)

Minimum Deposit Requirement

P 20,000

Interest Rate Market rates, tiered rates based on ADB required month

Documentation
Passbook

High-Yield Savings Account (HYSA)

Minimum Deposit Requirement

P 1,000,000

Interest Rate Based on weekly posted rates; varies depending on term and amount
Posting of interest On or before 15th day from date of deposit: ¼ of the rate given on the date of deposit or prevailing savings rate whichever is higher.After 15 days from date of deposit: ½ of the rate given on the date of deposit or the prevailing savings rate whichever is higher
Documentation HYSA Passbook

U.S. Dollar Savings Account

Individual

Institutional

Initial Deposit Requirement

$ 100

$ 1,000

Required ADB

$ 100

$ 1,000

ADB to earn interest

$ 500

$ 1,000

Interest Rate

.15% p.a

.15% p.a.

Documentation

Passbook

Passbook

U.S. Dollar Time Deposit

Minimum Deposit Requirement $ 1,000
Term Minimum of 30 days; Maximum of 365 days

Interest Rate
Based on weekly posted rates; varies depending on term and amount
Pre-termination Rate Revert to regular savings rate or based on Branch Manager’s discretion (case-to-case basis)
Documentation LANDBANK Certificate of Time Deposit
Documentation Stamp Tax (DST) None
Replacement of Lost CTD None

 

Please take note that the above interest rate is from the website of Land Bank. If you want other information about the  interest rates,  just visit their website. If you are finding hard or feel confuse on how to choose a bank, you can visit this site to give you some pointers on how to choose a bank.

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